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Wierzbowski Eversheds Sutherland advises EEC Magenta in its first investment in Reliability Solutions

  • Poland
  • Press_Releases

02-08-2019

EEC Magenta, the largest corporate venture capital fund in Poland, has invested in Reliability Solutions, an AI firm specializing in predicting and mitigating industrial failures. It is the first investment by the EEC Magenta fund, developed by Tauron, PFR Ventures, the National Centre for Research and Development (NCBR) and EEC Ventures under the PFR NCBR CVC program. The Dutch fund Icos Capital was also involved in funding round B of Reliability Solutions, which totaled over PLN 13 million. EEC Magenta was advised by Michał Karwacki, partner and head of the firm’s venture capital practice, Małgorzata Deruś, Natalia Burchardt and Kamil Ciodyk, lawyers from the same team.

As EEC Ventures managing partner Michał Rumiński explained, “The investment in Reliability Solutions is the first capital involvement by EEC Magenta. It is a model for the types of investments EEC Magenta intends to pursue on the market. Reliability Solutions is receiving financial support with the joint involvement of EEC Magenta and the Dutch fund CVC Icos Capital. The company is also benefitting from operational cooperation with the Tauron Group in testing its solutions.” Rumiński anticipates further investments. “EEC Magenta will actively reinforce the growth rate of Polish tech firms and their expansion onto foreign markets,” he added.

Following successful pilot projects and full rollouts in Central Europe, Reliability Solutions will use the funding it has received for growth and expansion in countries of Western Europe. In the case of Tauron, solutions from RS help raise the technical and economic efficiency of key generating units.

EEC Magenta is a company from the EEC Ventures group, managing VC funds with a total capitalization of PLN 210 million, specializing in financing digitalization of energy, industry, and the circular economy. Investors in EEC Magenta funds include Tauron Polska Energia, PFR Ventures funds, and the National Centre for Research and Development.

Reliability Solutions was founded in 2014 at AGH University of Science and Technology in Kraków. The company uses AI-based solutions to solve complex problems currently facing industry.

 

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